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mPhase Announces Corporate Name Change and Delivery Schedule for EV Charging Equipment

Gaithersburg, MD, Dec. 08, 2021 (GLOBE NEWSWIRE) — mPhase Technologies, Inc. (OTC Pink: XDSL) (“mPhase” or the “Company”), a technology company developing the mPower 5G-enhanced electric vehicle (EV) charging network and consumer engagement platform, is pleased to announce a company-rebranding effort to reflect the expected growth of its mPower EV/5G ecosystem. The Company will change its name from mPhase Technologies, Inc. to mPower Technologies, Inc. to reflect this transition. In conjunction with this new corporate name, the Company’s stock symbol will change from XDSL to POWR, pending FINRA approval.

“Our mPower business is the fastest growth engine within our company, so this name change is necessary to reflect what will be our primary strategy for years to come,” explained mPhase CEO Anshu Bhatnagar. “Our old stock symbol was a reference to research technology the company worked on decades ago, so these changes will be a welcome upgrade to reflect our new direction.”

Operational Update

The Company will begin taking delivery of its first mPower branded charging stations next week and expects to receive about 100 devices by early January. To avoid supply constraints, management is placing follow-on orders to ensure a flow of sufficient inventory to support the ambitious roll-out schedule planned for the first half of 2022. Initial installations will use Level 2 chargers sourced from an industry-leading OEM supplier that specializes in the type of chargers most suitable for a majority of the mPower locations. The schedule for Level 3 charging installations is dependent on partner engineering requirements and will be announced when timelines for those sites are finalized.

“The idea of an ecosystem rather than just a source of electricity takes the concept of EV beyond the tether and the dashboard,” explained CEO Bhatnagar. “The response we are getting to our strategy is very encouraging, so we look forward to the next stage of our growth curve as we begin our installation cycle and introduce some exciting new initiatives into the marketplace.”

About mPhase Technologies

mPhase is an emerging EV-centric technology company focused on consumer engagement using data analytics and artificial intelligence to create a monetizable link between consumers and retailers at opportunistic times and places. The Company is currently building a connected ecosystem of EV charging, 5G internet connectivity and software solutions that optimize consumer engagement within the framework of a SaaS/TaaS model, supplemented by an ESG-compliant Marketplace that incentives eco-friendly actions. Branded under the mPower name, this ecosystem will empower the way people shop, dine, fuel and interact with the world to create a richer life experience. The mPower ecosystem is tailored to each individual’s tastes and needs, with particular emphasis on empowering tomorrow’s green consumer. mPhase also has data driven business units generating recurring revenue outside of its consumer ecosystem, in addition to legacy nanobattery technology and a related patent portfolio that are slated for future development. Additional information can be found at the mPhase website, www.mphasetech.com; and at www.mpower.co. Please follow us on twitter: @mPhase_Tech for the latest updates.

Safe Harbor Statement

This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,” “predict,” “potential,” “project” and similar expressions that are intended to identify forward-looking statements. All forward-looking statements speak only as of the date of this press release. You should not place undue reliance on these forward-looking statements. Although we believe that our plans, objectives, expectations and intentions reflected in or suggested by the forward-looking statements are reasonable, we can give no assurance that these plans, objectives, expectations or intentions will be achieved. Forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from historical experience and present expectations or projections. Actual results to differ materially from those in the forward-looking statements and the trading price for our common stock may fluctuate significantly. Forward-looking statements also are affected by the risk factors described in the Company’s filings with the U.S. Securities and Exchange Commission. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

Investor Contact:
ir@mphasetech.com 

Investor Contact
Brian M. Prenoveau, CFA
MZ Group – MZ North America
561-489-5315
XDSL@mzgroup.us
www.mzgroup.us

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